donor and his company received a $4.5 million ETF award. Many involved in the ETF process firmly believe the implications and criticisms of the press, most notably the Dallas Morning News, to be "inaccurate and ignoring the hundreds of individuals around the state that freely devote their time, energy and efforts to the process to ensure that Texas is pushing the technological envelope that will lead to scientific breakthroughs and a stronger economy." Despite criticism by the press, a majority of the ETF's 140 investments since 2005 are still operating as of February 2013. Many of the jobs created by the fund have been outside Texas and several of the companies have left the state. By government accounting standards the fund has lost $25 million so far. but a separate valuation of the fund for legislators produced a significant gain in fund value. Texas government code 490.102 (a) (1) specifies a 50% allocation of legislative appropriations for ETF to Incentives for Commercialization Activities awards, though Trustees have discretion to vary the allocation of legislatively appropriated funds to Incentives for Commercialization Activities, Research Award Matching, Acquisition of Research Superiority awards each and every legislative biennium. Some critics cite large awards to Texas A&M University for Research Award Matching afforded by this statute. Texas government code 490.153 (b.) institutes a 2% limit on funding for Regional Centers of Innovation and Commercialization. Upon review of 2013 ETF annual report to the Texas legislature, ETF has exceeded allowed amount for awards to Regional Centers of Innovation and Commercialization in excess of 4.5 million dollars as of August 31, 2013. Example calculation: Texas legislature appropriated 50M USD for ETF during the fiscal year 2014 and 2015 biennium. Therefore, $500,000 is available to fund RCICs for the FY 14/15 biennium (50M * 50% * 2%). However, ETF may have already exceeded this limit with awards for five or more RCICs. These awards have been announced in newspaper reports and by the RCICs, but have not been formally announced by ETF manager as recommended by state auditor. Transparency concerns have dogged the fund since inception. Nevertheless, the state legislature has consistently funded the ETF, even as some legislators express concerns over the fund's true performance in the areas of job creation and return on Texas taxpayers' monies. The Texas state auditor's report of 2011 was not complete, in that job creation and valuation methodology remain opaque up